F. A. Q.

CIF offers a 0% interest loan with a flexible payback schedule to individuals in need.  To qualify for a loan, an individual (Borrower) applies to CIF for consideration.  CIF conducts diligence to ensure the borrower qualifies for assistance under IRS regulations and CIF policies and procedures.   Once approved for the Loan, a distribution of the approved amount will be made directly to a bank account provided by the Borrower.

Loans are based on the needs cited in the application. The minimum loan amount you can request is $500. The maximum amount is $1500.

A repayment schedule will be set up automatically for the full loan amount amortized over 12 months.

Sometimes you may be in a situation where you can’t make a payment. We do our best to support you by allowing you to occasionally defer a monthly payment. This moves the payment to the end of your repayment schedule so you will still need to pay it eventually but it does not collect interest. Borrowers have the option to make a prepayment to pay off the loan faster and any prepayment will be applied to the final monthly payment schedule. HOWEVER PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must email loans@communityimpactfund.org at least FIVE DAYS prior to the day your payment is due.

We take 10% of each loan and hold that as a “Savings Incentive” that will be payable to the participant as a reward for building an emergency savings account following the repayment of their loan. Please visit the Savings Incentive tab to learn about the program requirements.

Employees must be actively employed at HIGHMARK CU and must be 18 years or older.

Approval decisions are made based upon the information provided by the applicant.  Applicants are required to provide a completed application, and must meet the criteria reviewed in the pre-check section of the application.

Loans will be distributed by CIF to the approved recipient directly to the applicants bank account.  Payments will be sent within 48 business hours of the loan being approved.

This Fund is governed by The Community Impact Fund. CIF is a nonprofit 501(c)(3) organization that is responsible for responding to all inquiries, vetting all applications, and distributing funds to approved applicants.

Any loans received by applicants will not be deemed as taxable income.

No, at this time Impact Loans are not reported to the Credit Bureaus.

Please reach out to CIF at loans@communityimpactfund.org

We want you to have success with your loan. The loan remains a 0% interest loan. If you miss a loan payment it is automatically added to the end of your repayment schedule and you will be expected to pay next month’s payment and all remaining payments. Every dollar you pay back on your loan goes back into the fund and allows your fellow employees to pay for a loan so we want to help! Please visit the FAQ, What are the terms of the FLEXIBLE REPAYMENT SCHEDULE?, for more information on how to address repayment challenges. You are expected to repay back your loan even if you leave your organization as an employee.

Yes, prepayments are applied to the final monthly installment. The borrower can access the platform by logging in and manually making a payment. HOWEVER PLEASE NOTE: Making a manual payment DOES NOT cancel your automatic payment that is set to withdraw each month. Therefore, if you don’t wish to have the additional payment withdrawn, you must email loans@communityimpactfund.org at least FIVE DAYS prior to the day your payment is due.